On April 23, local time, the Wall Street Journal editorial board has released a striking opinion piece asserting that the US has lost its latest trade confrontation with China.
According to the editorial, the White House has spent the past 20 days making significant adjustments to its trade policy after announcing sweeping "reciprocal tariffs" earlier this month. These adjustments include granting a 90-day grace period to countries other than China, providing exemptions for major US corporations like Apple and NVIDIA, and now planning to significantly reduce tariffs on Chinese goods.
"It's hard to see this as anything other than a retreat amid the harsh reaction of financial markets, worries about recession and price increases, and a sharply negative reaction from the rest of the world—friend and foe," the article points out.
The editorial further argues that China has effectively countered US pressure, demonstrating that China has "seen through" the Trump administration's "bluff." China's countermeasures—ranging from tariff retaliation to controlling rare earth exports, limiting US products and companies, and rallying other nations to oppose US policies—have had a tangible impact.
"Another harsh reality is that China called Mr. Trump's bluff and seems to have won this round. When Mr. Trump imposed his tariffs in the first term, President Xi Jinping retaliated with some restraint and sent a delegation to negotiate a trade deal," the article states.
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